Jamb Accounts - Principles of Accounts 2004 Past Questions and Answers

Question 26:

• JAMB 2004

In the balance sheet, the subscription in arrears will be?

A. N200
B. N300
C. N1,200
D. N1,300

Question 27:

• JAMB 2004

Where the debit side of the income and expenditure account is higher than the credit side, the difference is a?

A. Deflicit
B. Surplus
C. Gain
D. Loss

Question 28:

• JAMB 2004

In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a?

A. Current assets
B. Current liability
C. Capital
D. Reserve

Question 29:

• JAMB 2004

A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt?

A. Manufacturing accounts
B. Consolidated accounts
C. Departmental accounts
D. Joint venture accounts

Question 30:

• JAMB 2004

How are credit sales by a department treated?

A. The same way as normal debtors' transactions
B. In a different way from normal debtors' transactions
C. As an addition to the production manager's account
D. As an addition to the production managers' account